Licensed Real Estate Broker

The Rental Market Warms Up

Each year rental activity increases along with the rising temperatures of Spring. Is it because of the longer summer hours? Tax refunds? The college semester cycle? Regardless of the reason, the busy season means that rents go up along with demand.

Manhattan has a notoriously low vacancy rate – less than 1%! However, there’s a lot more competition. You need to know what you’re looking for and be ready to make a fast decision once you find an apartment you like.

Landlords expect you to move in within the next four weeks, so there’s little use to starting your apartment hunt more than a month in advance.

If your lease is up, how can you still get the apartment you want?

  • Figure out how much you can afford to spend. Talk to one of our experienced agents or use this budget calculator.
  • Have your papers ready. The best apartments get snapped up quickly. Nearly all landlords require the same paperwork, so you can get your papers together as soon as you start looking. You (and your guarantor, if you have one) should be ready with: a letter of employment, your most recent bank statements, three most recent pay stubs, and last year’s tax returns. 
  • Know what the most important thing on your wish list is. Go into the viewing knowing what’s important to you and what you are willing to compromise on. Do you care more about location or would you rather have more space? Does it have to be newly renovated or do you like old-world charm?

Having the answers to these questions will save you time and make sure you end up in the apartment of your dreams.

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